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A search panel headed by the Cabinet Secretary is scheduled to interview candidates on May 10 to find a successor to RBI Deputy Governor SS Mundra, who completed his three-year term in July last year.

Out of about 40 applications received, the Financial Sector Regulatory Appointment Search Committee has shortlisted about nine names who have been called for interview on May 10, people familiar with the matter said.

Shortlisted bankers include IDBI Bank Ltd. Managing Director MK Jain and State Bank of India Ltd. managing directors B Sriram and PK Gupta. A few other names from the private sector and some serving bureaucrats have also been called for interview, the the people said.

As per the RBI Act, the central bank should have four deputy governors – two from within the ranks and one commercial banker and another an economist – to head the monetary policy department.

The search panel also includes RBI Governor, Financial Services Secretary and some independent members.

Although interviews were conducted on July 29 last year, the government decided to start the process all over again in January this year.

According to the public notice published on the ministry's website earlier this year, applicants should have at least 15 years of experience in banking and financial market operations. Besides, applicants should have extensive experience as a full-time director or board member and possess understanding at a very senior level, of supervision and compliance in the financial sector, it had said.

The last date for sending application to the finance ministry was Feb. 20.

The appointment will be made for a period of three years and the person will be eligible for reappointment, it had said.

The deputy governor will draw a fixed salary of Rs 2.25 lakh per month plus allowances, it had said.